Consider the following statements regarding NABARD 1 The National Bank for Agriculture and Rura...........

Economic Affairs Agricultural Finance

Consider the following statements regarding NABARD:

1. The National Bank for Agriculture and Rural Development (NABARD) is a development bank with the highest importance in the rural improvement.

2. The headquarters of NABARD is situated in Mumbai.

3. The government of India holds 99% of the bank’s ownership and the rest 1% is held by the Reserve Bank of India

Select the correct answer using code given below;

1 only

1 and 2 only

2 and 3 only

All are correct

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Explanation:

The National Bank for Agriculture and Rural Development (NABARD) is a development bank with the highest importance in the rural improvement.
    The bank works for the planning and development of credit policies to the agriculture and other rural activities of economic value. Achieving financial inclusion is one of the major goal of the bank and it is a member of the Alliance for the Financial Inclusion.
    The government of India holds 99% of the bank’s ownership and the rest 1% is held by the Reserve] Bank of India. The headquarters of NABARD is situated in Mumbai.
    The formation of NABARD was initiated through an act of the parliament (National Bank for Agriculture and Rural Development Act 1981) in the year 1981.
     It came into existence in July 1982 and was functional on 05 November 1982.